Term life insurance is temporary life insurance. There’s a set period of years that you’d be covered for, typically: 10, 20, or 30 years. The amount you pay does not change during that term. Once the term is up, you can continue with the coverage, however it would be based on your age at that time. Your premium would go up dramatically at the end of the term.

You can have a significant amount of life insurance coverage for a small monthly premium throughout your selected term.

If you outlive your term, the premium at renewal will be considerably higher since continuing with the coverage will be calculated based on your age at that time. No cash value is accumulated.

Select the longest term possible now to lock in low cost life insurance coverage. Choose a 20 or 30 year term. The younger you are, the lower the premium.

How does Whole Life Insurance work?

Whole Life

Whole life insurance is permanent insurance. It is in force until you pass away or you reach age 100, whichever comes first. The premiums you pay towards the policy will accumulate in the form of cash value. This is like a savings account that can be withdrawn for any reason in the form of a policy loan. This does not have to be paid back, however it will reduce the death benefit by the amount withdrawn.

You will be covered until you pass away or reach age 100, guaranteed. The premiums will be returned to you at age 100. There’s a savings component that can be drawn from before death.

It’s expensive. A larger sized death benefit will come with a large monthly premium.

Have a large term policy for a term of 20 or 30 years and have a small whole life policy to cover funeral, hospital expenses or taxes until age 100.

Choosing Your Beneficiary

Beneficiary

Choosing your beneficiary is not to be taken lightly. Keep in mind that there’s over $1 Billion in unclaimed life insurance in the U.S. It’s important that you inform your beneficiaries that they have been chosen, and let them know which company you have a policy with.

They will need to make contact with the life insurance company in the event that you pass away. They will walk them through the claims process, which is pretty straightforward and not too complicated. They will need to furnish a death certificate and their ID as well as complete claims paperwork. They will receive a check in the mail from the insurance company.

How do I pay my premiums?

You pay all premiums directly to your selected life Insurance company. Do not send premium payments to myPolicyBuddy.com.

How is myPolicyBuddy.com compensated?

myPolicyBuddy.com is compensated by the underwriting life insurance company.

Why choose myPolicyBuddy.com?

myPolicyBuddy.com is a registered and State licensed life insurance provider offering affordable life insurance options from a cross section of top life insurance companies . This is a safe and secure online method of comparing and purchasing a policy.

How do your prices compare to other life insurance brokers?

There is no difference in premium rates offered between one broker/agent and another. Life Insurance companies have individually set prices based on age, health and other risk factors.

How much life insurance do I need?

The amount of insurance is totally up to you. A general rule of thumb is to take into account how life insurance could pay off debts, replace income, pay off a mortgage, and pay education expenses for your surviving children.

What if I have a medical condition, would I be approved for coverage?

Life insurance companies will underwrite the application to determine if they will approve you at the premium rate applied for, decline the application, or possibly increase the premium in order to account for the risk they are assuming.

Should I withhold any health conditions when applying in the hope of getting a lower premium rate?

No. Life insurance companies conduct their own due diligence procedures and upon discovering any omissions have the right to cancel the application request.